Celltrion, which posted record-high results in the first half of the year, is expected to continue its growth in the second half, driven by expanded sales of new products and volumes secured through European tenders. Given the company’s “second-half weighted” earnings trend over the past two years, with revenue and operating profit rising significantly in the latter half of the year, attention is focused on whether it can exceed its annual targets this year. Celltrion’s full-year targets are $3.86 billion in revenue and $1.31 billion in operating profit.
According to industry sources on September 2, Celltrion’s revenue and operating profit in the second halves of 2024 and 2025 were higher than in the first halves. In the second half of 2024, revenue reached $1.42 billion, up 20.7% from the first half of that year, while operating profit came to $294 million, an increase of 359.6%. In the second half of last year, revenue rose to $1.72 billion and operating profit to $565 million, representing increases of 30.8% and 98.2%, respectively, from the first half.
The trend is believed to have been influenced by the nature of the biosimilar business, in which tenders in major European countries are concentrated in the second and third quarters, with initial supplies based on tender results delivered in the second half. Increased demand to build inventory toward year-end has also contributed to earnings.
In the first half of this year, Celltrion posted revenue of $1.85 billion and operating profit of $563 million, exceeding market expectations. In particular, revenue from biologic products rose 35.6% year over year to $1.63 billion, while revenue from new products surged 72.5% to $1.02 billion.
High-Margin New Products Expand Market Share Globally
Growth in high-margin products is also continuing. Combined first-half sales of Remsima SC and U.S. product Zymfentra reached $332 million. Omlyclo generated $137 million in revenue after being launched as a first mover in major markets. Yuflyma and Vegzelma have maintained their No. 1 market positions in Europe, while Idelvion has also established a foundation for expanded sales through wins in tenders, including those conducted by the U.K. National Health Service.
In the second half, additional growth drivers are expected to include expansion of the countries where new products are sold, the impact of formulary listings with U.S. pharmacy benefit managers, and the recognition of volumes secured through European tenders.
“While sales of existing products will be maintained, growth in sales of the new product portfolio will drive earnings growth,” said Kim Hyun-seok, a researcher at Hyundai Motor Securities. “The company is expected to continue delivering strong growth in the second half through expansion of the new product portfolio by region and indication.”
Hong Ga-ye, a researcher at Daishin Securities, also analyzed that “the second-half weighted earnings trend is expected to continue as European tender volumes are reflected and the product mix shifts toward high-margin new products, while profitability is expected to continue improving toward the second half.” Lee Sun-kyung, a researcher at SK Securities, likewise forecast that “as sales of high-margin new products grow, the operating leverage effect from fixed costs will expand, and the improvement in profitability driven by top-line growth will continue in the second half.”
Foreign Investors Net Buy 8.47 Million Shares, Raising Ownership by About 4.5 Percentage Points
Results from European tenders are also becoming increasingly visible. Celltrion’s Spanish subsidiary was recently selected as a supplier of Omlyclo in tenders conducted by four regional governments, including Catalonia and the Basque Country.
Aptozma was also selected as a supplier in tenders held by Spain’s Ministry of Health-affiliated tender agency and regional governments. In Portugal, Celltrion won national tenders for all of its major autoimmune disease treatments, including Remsima, Yuflyma and Steqeyma.
Expectations for improved earnings have also been reflected in investor fund flows. According to the Korea Exchange, as of the end of last month, foreign investors had made net purchases of approximately 8.47 million Celltrion shares worth about $1.29 billion this year, while institutional investors had made net purchases of approximately 2.08 million shares worth about $313 million. During the same period, foreign ownership increased from 21.06% to 25.57%, a rise of about 4.5 percentage points.
Following its record-breaking first-half performance, Celltrion plans to continue its structural growth in the second half and make every effort to achieve its targets for the year.
A Celltrion representative said, “As the structure of stronger second-half performance has continued, we will maintain our growth momentum this year based on expanding the global influence of our products and our tender wins. We will do our utmost to exceed our full-year targets.”
